so you are thinking about the buying a house in New Brunswick and you have so many questions how
it works where you can start and how much it will cost you and what are the process
hi I am Koko Kenny I am a real estate professional in Fredericton New Brunswick and i will tell you
real estate tips for buyer in New Brunswick so stay tuned
first thing first qualify for the mortgage contact to your preferred lender to get the pre-approved
in new bronze week we have what it's called a first time home buyer programs what do you need
to qualify this program you must have a household income less than 40 000 and have been a resident
of New Brunswick for at least one year the homeownership program provides a payable loan
for 40 of the purchase price of up to a 75 000 long this loan is interest free for households
with incomes less than 30 000 what credit score do you need to buy a house in New Brunswick however
what is a credit score that is required for a mortgage in New Brunswick and the rest of Canada
while each lender in New Brunswick will have their own rules generally anything over 650
is considered a good credit score and will show that you are a good candidate to get the loan
down payment can you buy a house without the down payment in New Brunswick you need
a minimum down payment of 5 for down payments of less than 20 home buyers are required
to purchase mortgage default insurance do you pay HST when you buy a house in New Brunswick
the HST is 15 and is only payable on the sale of brand new properties or properties that have been
substantially renovated for example if you bought a brand new property for 350 thousand dollars you
would need to pay 52 and 500 for the HST do you pay taxes when you buy a house in New Brunswick
yes it's called the real property transfer tax this is a large portion of the closing cost
in New Brunswick the land transfer tax payable is currently one percent of the assessed value
of the property or consideration for the transfer whichever is greater for example on the purchase
of the house assesses to be worth hundred thousand dollars the tax payable is thousand dollars
closing cost what are closing costs when buying a house closing costs are the charges and the fees
that are paid when a house purchase is finalized typically the buyer costs include
mortgage insurance homeowners insurance appraisal fees and property taxes
while the seller covers ownership transfer fees and pays a commission to their real estate agent
the average closing cost in New Brunswick is roughly 3 600 after taxes or about one to two
percent of the final home sale price however closing costs in New Brunswick is the lowest
in Canada because of the housing price now I want to talk about the real estate tips for
buyers when you are buying a house in New Brunswick the Canadian real estate
association revealed that the average cost of a house in New Brunswick has risen 24.5 percent
in the past year jumping from around 200 3 000 in October 2020 to around 250 000 in October 2021 no
one has a crystal clear prediction about what will happen in housing market in 2022 in New Brunswick
the housing New Brunswick price may keep going up or not knowing and understanding what type of
home that suits you and your family is very important list the futures you most want in home
and identify which are necessities find out three or four neighborhoods you would like to live in
based on commute time schools recreation crime and price and set the moving timeline if you already
own a house have you sold your current home if not you will need to decide the timeline to sell
if you are renting now when is your lease up do you expect interest rate to go jump anytime soon
all their factors will affect your buying closing moving timelines and i want you to think long term
investing real estate is not the short term thing it is not timing in the market to buy
it is time in the real estate market working with a realtor a real estate agent will guide you
through the home search with a bias eye helping you meet your buying objective while staying
within your budget agents are also great source when you have questions about the local amenities
utilities zoning rules contractors and more please reach out to me anytime when you have a question
lastly be realistic it is okay to be picky about the home and the neighborhood you want
but don't be closed minded unrealistic or blinded by minor imperfections if you insist on living
in a cold sac you may miss out on great homes on streets that are just as quiet as secluded
like I mentioned before real estate market in New Brunswick is booming like a crazy
so I want you to open your mind and really think about what you get amend of your wish list
and what you can't eliminate from your list for more information about the real
estate tips for buyer in New Brunswick please check my other videos buying new bronze week
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you about the life and the real estate in New Brunswick so I will see you at the next video